June 24, 2009
Dear Clients and Friends:
Throughout 2009, numerous organizations have faced challenges brought forth by this economic recession. While each organization is responding to their own set of challenges, there is no question that these difficult times have required a new way of thinking, and unique, creative solutions to confront these issues.
Findley Davies has compiled a list of Best Practices to help our clients and contacts respond to the various issues they are facing. As a Trusted Advisor, we strive to provide relevant and timely information and solutions that will help your organization mitigate its risk exposure, attract and retain talent and enhance financial performance.
Our third set of Best Practices is below, including updates to our previous Best Practice releases. Click on the links below to access each article, or you may also access each of the Best Practices releases through Findley Davies’ website.
Updated Best Practice #1 – Develop a Compliance Checklist and Monitor Changes in Legislation
Legislative changes have taken the front burner, as several new laws and regulations require us to review and revise existing documents and policies for compliance. Our Health and Group Benefits Compliance Checklist below will help you identify the new regulations that relate to your organization and what you need to do to stay in compliance.
In addition, organizations will want to ensure they are compliant with new regulations relating to compensation and rewards.
- Lilly Ledbetter Fair Pay Act of 2009 – Eric Chapman
- Employer Owned Life Insurance – Scott Hamner and Hunter Guice
Updated Best Practice #4 – Evaluate Current Health and Welfare Providers for Financial Stability, Shift in Market and Fees
This case study demonstrates how one organization was able to save significant health benefit costs, while maintaining benefit competitiveness.
Updated Best Practice #7 – Implement Change Management Strategies
This case study demonstrates how one organization with a highly competitive benefits package analyzed and redesigned their retirement plan benefits to enhance their long-term financial performance. The company successfully implemented this change through a communication strategy that created the feeling of a personalized solution for each employee.
New Best Practice #8 – Evaluate Short and Long-Term Retirement Strategy, Including Selection of Advisors and Administrative Procedures
New regulations in response to the Pension Protection Act of 2006 are requiring some organizations to evaluate their pension plan retirement strategy. In addition, companies looking to reduce pension benefit costs while mitigating their risk will find these articles helpful. In addition to these updates, we anticipate changes in pension and 401(k) law. We will advise you as these new laws are passed by Congress.
- Pension Funding Guidelines – Blaine Brickhouse
- Cost-Cutting Toolkit for DB Pension Plans – Tom Schryer
New Best Practice #9 – Conduct an Overall Assessment of HR Processes and the HR Team
Human Resources departments have to do more with less these days. An assessment of your organization’s HR processes and HR team may uncover inefficiencies and areas in which new strategies can be implemented to maximize the effectiveness of your HR function.
As we celebrate our 40th anniversary this year, we reflect on these challenging times and look forward to a bright future. While each downturn brings a new set of challenges, we can all learn and draw strength from these experiences. As a Trusted Advisor, we use this knowledge and experience to better serve our clients and be even more prepared for the next challenge.
We look forward to talking with you soon.
Sincerely,
FINDLEY DAVIES, INC.